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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessRedback Erases Gains After Soft PBOC Fix, Caixin Services PMI Tops Expectations
Spot USD/CNH posted a leg higher as the PBOC returned from Lunar New Year holiday rattling the redback with its fixing of the central USD/CNY mid-point. The People's Bank set the yuan reference rate 252 pips above sell-side estimate, which represents the largest bearish bias (from the CNY perspective) since June 2018.
- The rate pulled back from post-fix highs but then regained poise and proceeded to another upswing, shrugging off domestic Caixin Services PMI in the process. It last trades +13 pips at CNH6.3648, with bulls setting their sights on Jan 31 high of CNH6.3864. Conversely, a fall through Feb 4 low of CNH6.3489 would give bears a green light for targeting Jan 26 low of CNH6.3238.
- Expansion in China's services sector decelerated in January, but not as much as expected, according to the latest Caixin PMI survey. Headline index eased to 51.4 from 53.1 recorded in December. Unsurprisingly, the slowdown was attributed to widespread Covid-19 flare-ups across China.
Fig. 1: Differential Between USD/CNY Mid-Point Fixing & BBG Median Estimate (Pips)
Source: MNI - Market News/Bloomberg
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